Adagio Medical Holdings, Inc. (NASDAQ:ADGM) Sees Large Decrease in Short Interest

Adagio Medical Holdings, Inc. (NASDAQ:ADGM) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totaling 132,959 shares, a decrease of 89.7% from the September 30th total of 1,287,260 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 4,090,807 shares, the days-to-cover ratio is currently 0.0 days.

Institutional Investors Weigh In On Adagio Medical

A hedge fund recently bought a new position in Adagio Medical stock. Granite Investment Partners LLC bought a new stake in Adagio Medical Holdings, Inc. (NASDAQ:ADGM) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 27,053 shares of the company’s stock, valued at approximately $31,000. Granite Investment Partners LLC owned approximately 0.12% of Adagio Medical as of its most recent SEC filing. 48.08% of the stock is currently owned by institutional investors.

Adagio Medical Stock Performance

Shares of ADGM traded down $0.01 during mid-day trading on Monday, reaching $0.10. 622,725 shares of the company’s stock traded hands, compared to its average volume of 3,085,098. The business’s 50-day moving average price is $0.36 and its 200-day moving average price is $0.66. The stock has a market capitalization of $2.65 million, a P/E ratio of -0.07 and a beta of 0.01. The company has a debt-to-equity ratio of 4.00, a quick ratio of 1.15 and a current ratio of 1.41. Adagio Medical has a 12 month low of $0.08 and a 12 month high of $1.69.

Adagio Medical (NASDAQ:ADGM) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). Equities analysts predict that Adagio Medical will post -1.25 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Adagio Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 19th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $3.50.

Adagio Medical Company Profile

Adagio Medical, Inc is a medical device company focused on developing catheter-based technologies for the treatment of cardiac arrhythmias, including atrial fibrillation and ventricular tachycardia. The company’s products are designed for use in cardiac ablation procedures, which create precisely positioned lesions in heart tissue to interrupt abnormal electrical signals.

Adagio Medical’s primary technology is the Integrated Cardiac Ablation System, or iCLAS. The system uses ultra-low-temperature cryoablation and a flexible catheter platform intended to create continuous, transmural lesions around targeted areas of the heart.